Adagio Therapeutics has raised $80 million to further advance best-in-class antibodies for SARS-CoV-2, SARS-CoV-1, and additional potentially emergent coronaviruses.
The funding round was led by GV (formerly known as Google Ventures), with participation from existing investors Polaris Partners, Mithril Capital, Fidelity Management & Research Company, LLC, and OrbiMed, as well as new investors, Population Health Partners and Omega Funds.
The proceeds will fund the rapid advancement of Adagio’s lead antibody candidate, ADG20, into clinical development for both the treatment and prevention of COVID-19 in early 2021.
“The Adagio team has made extraordinary progress since launching the company in late June. In less than four months, we completed candidate optimization, selected our lead antibody ADG20, established a manufacturing agreement to ensure global supply, and completed the production runs for ADG20 to be used in our upcoming clinical trials,” said Tillman Gerngross, CEO of Adagio.
“Further, our team has received positive feedback from the FDA, allowing us to proceed to our first-in-human study in early 2021. Adagio is firing on all cylinders and we look forward to continued, rapid progress over the next year.”
Adagio’s broadly neutralising monoclonal antibodies, including ADG20, have been selected to provide broad protection against SARS-CoV-2, SARS-CoV-1, and additional circulating bat coronaviruses that virologists are actively monitoring.
These antibodies bind to a highly conserved epitope on the spike protein of beta-coronaviruses that target human ACE2, thereby reducing the potential risk of viral escape.
ADG20 was designed to provide patients and clinicians with an unsurpassed combination of potency, durable protection (via half-life extension), manufacturability, tolerability, and affordability.